Since late 2024, Tesla (TSLA) shares have been stuck in a horizontal trading range. The stock is currently hovering near its 2021 peaks. Yet, the market values this prolonged three-year consolidation at a staggering $1.6 trillion in market capitalization.
Tesla’s current valuation seems downright absurd to any analyst digging into core fundamentals and traditional valuation multiples, at least if one views the company strictly as a car manufacturer.